The wearable camera maker posted ugly fourth quarter earnings results on Wednesday, as it continues to reel from disappointing sales of its Hero4 Session camera.

It also gave a dismal outlook and said its chief financial officer is leaving the company.

During the quarter, the company lost an adjusted $11.4 million, or eight cents per share, compared to a profit of $144.9 million, or 99 cents per share, in the same period a year ago. This missed analyst estimates by eight cents, who expected GoPro to break even.

Revenue fell 31% to $436.6 million. This was slightly better than the $435 million GoPro had forecast last month, but below analyst estimates of $496 million.

Investors and analysts also continue to worry about competition and whether the company can innovate beyond its action cameras. Those that remain bullish in the company are anxiously awaiting GoPro's next product cycle, plus its foray into consumer drones and virtual reality. (See: Wall Street, Investors Losing Hope For GoPro Without A Product Boom)

From the look of it, things aren't going to be getting much better soon. For the current quarter, GoPro is looking for revenue between $160 million and $180 million, which is a far cry from the $298 million analysts had been calling for. For the full year, it expects revenue between $1.35 billion and $1.5 billion, below the $1.61 billion analysts had predicted.

GoPro also said it will cease giving quarterly guidance and instead stick to annual outlooks, saying its business is seasonal and it wants to run the company for the long term. "We are aligning our decision-making with the approach this company was built on," said founder and CEO Nick Woodman on an earnings call with investors.

In a nod to where GoPro sees future growth, Woodman brought up his ambitions of becoming a media company that leverages user footage. "Growth slowed in the second half of the year and we recognize the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content," said Woodman in prepared remarks.

The company also took the opportunity on Wednesday to announce a leadership change. Current CFO Jack Lazar, who has been with the company two years, will be replaced by former executive Brian McGee next month.

During the quarter, GoPro recorded several charges that weighed on its bottom line, including a $21 million charge relating to the Hero4 Session price reduction. It also took a $57 million charge related to excess inventory, above the $30 million to $35 million that it had previously estimated.

Shares were halted in after-hours trading pending the earnings report and fell 15% when re-opened. The stock has plunged 80% over the last 12 months and in January founder and CEO Nick Woodman lost his billionaire status.